Florida Execs Give Up Homes To End SEC Case

Law360 (February 6, 2007, 12:00 AM EST) -- Two Florida financiers will have to surrender their homes to put an end to a long-running U.S. Securities and Exchange Commission investigation into their company, Pension Fund of America, that forced them to freeze their assets and eventually shutter their company.

According to a settlement filed Monday by a court-appointed receiver in the case, Luis Cornide and Robert De La Riva and their wives accepted the settlement without admitting or denying guilt, “in order to avoid the expense, risk and delay of continued litigation.”